Triggering the turnaround

The reason is that management often goes through DABDA - denial, anger, bargaining, depression and then finally acceptance.

Invariably, it is only during the last stage that turnaround practitioners are engaged, or when the business is liquidated or sold, unless forced to do so earlier by a a creditor or financial stakeholder.

Failure to act timeously on symptoms of decline could stem from denial, complacency, or paralysis.